A lot of people misunderstand what TIPS are. They are not gauranteed inflation protected bonds - they only protect you if inflation is higher than what is already priced into the market. In the event that the market has got a bit ahead of itself and inflation doesn't actually turn out to be as bad as anticipated, TIPS can lose you money.
That said, might still be worth holding some, but if you are really worried then commodities have always been the asset class that naturally thrives in an inflationary cycle. Neither TIPS or anything else comes close to their inflation protection qualities. In a world where fiat money is losing its value quicker and quicker, it makes sense that hard assets that cannot be easily created by the press of a computer button are a natural defense. After all, even TIPS are ultimately just repackaged fiat units.